April’s CX News Roundup

Hello and welcome to your April edition of The Official CX Newsletter. This month we’re bringing you news and analysis from across the world of CX. Read on to gain insight into global CX trends in healthcare, the correlation between CX and EX, as well as how telecoms organisations can leverage data analytics to boost customer loyalty. We’ve also collated some breaking industry news from the past month to keep you in the know on all things CX.

Leveraging Data Analytics to Increase Customer Loyalty and Reduce Churn in Telecommunications

In the highly competitive telecoms industry, customers have the ability to easily switch providers. In order to maintain customer loyalty, telecoms organisations need to harness consumer data to deliver hyper-personalised customer experiences.

While all customer data holds inherent value, usage data, purchase history and customer demographics offer a broad range of insights on consumer behaviour and are therefore most sought after. By extracting insight from this data, telecom organisations can achieve a detailed understanding of their customers’ needs and fine-tune customer experience accordingly.

There are multiple success stories of leading telecoms companies using data analytics to predict the risk of churn and implement appropriate customer retention programs. Virgin Media utilise their customers’ data to recognise consumers likely to churn and offers them personalised discounts or contract upgrades to improve their overall customer satisfaction. Vodafone uses predictive analytics to determine which customers may experience network issues based on their usage patterns and location data. By informing consumers of potential disruptions beforehand, Vodafone enhances the perception of their service quality, ensuring that customers feel valued and securing loyalty.

Generative AI will also play a key role in improving customer loyalty and reducing churn and already has various uses across customer contact, including role playing for customer agent training and providing recommended responses for agents to use in real time. We can also soon expect generative AI to play a larger role in direct discussion with customers to manage concerns.

Click here to read the full report by CX Telecoms Global Exchange on using customer data to increase loyalty, with contributions from Todd Gilliam, Former Executive Director of Customer Experience at Comcast.

The Employee Experience Imperative and Why it is Critical for Customer Experience in BFSI

There is a direct correlation between CX and EX. Employees that are made to feel engaged, enabled and energised through a supportive EX programme are much more likely to deliver exceptional service to consumers. What’s more, businesses that invest in employee experience greatly outperform those that don’t:

Initiatives for improving employee experience can range from investing in employee wellbeing to facilitating flexible working to ensuring that employees have the correct digital tools available to be able to collaborate effectively.

Improving employee experience starts with listening to employees and adapting workplaces in accordance with feedback. Getting EX right will undoubtedly translate into stronger customer connections, essential for delivering enhanced CX and bringing discernible benefits for businesses.

Read the full CX BFSI USA Exchange report on The Employee Experience Imperative here.

Breaking Barriers: Exploring Healthcare’s Cutting-Edge Technological Advancements Across the Globe in 2024

Despite the burdens and stresses on healthcare systems worldwide, it is an exciting time for healthcare with technology advancing rapidly and access to medical care growing globally. Below are five key areas which promise to have huge impacts on healthcare experience in 2024.

1.???? Generative AI

AI is transforming multiple industries, and healthcare is no exception. Although AI tools such as ChatGPT are already being utilised within healthcare, in 2024 we can expect to see a move towards a more tailored medical approach to AI.

AI is being used in surgery to provide precision guidance, as well as within diagnostics. One of the most significant areas where AI is expected to have a huge impact is in administrative tasks, for example booking and rescheduling appointments, and organising patient records. Although perhaps less exciting on the surface, in the context of a stretched global healthcare workforce, these simple tasks can go a long way in freeing up healthcare workers’ time and increasing capacity.

2.???? Telemedicine

By allowing patients to engage with healthcare services remotely, telemedicine solutions can reduce wait times for appointments and improve access to healthcare for those living in rural or isolated areas. Although Telemedicine has numerous benefits, one future challenge is balancing the technological and human sides of telemedicine solutions so that the human connection in healthcare is not lost.

3.???? Virtual Reality

Although VR is often associated with entertainment and online gaming, it is also starting to be used in healthcare in different ways. One innovative use of VR in healthcare is the training of future doctors and surgeons by allowing them to visualise medical data and human reality in photorealistic 3D. There are also some interesting case studies of VR being used to help manage anxiety and stress in adults and children.

4.???? Internet of Medical Things

The increase in remote health monitoring using wearable tech and wellness apps is booming, allowing masses of healthcare data to be monitored in real time. Collecting and monitoring this data could allow healthcare professionals to monitor their patients’ health remotely. However, one future consideration for the IoMT is the data privacy aspect and keeping patients informed that their data is being monitored and that they can withdraw their consent at any time.

5.???? Robotics

The use of robotics in guided surgery is nothing new, however we are now seeing an increase of ‘robot nurses’ helping to look after patients on the hospital floor. Not only does the use of robotics in this way free up staff time, but also reduces the risk of infection to hospital staff.

To read about 2024’s top five trends in healthcare in more detail, read the full CX Healthcare Exchange article here.

CX News in Brief – Macy’s to Close 150 Physical Stores

Macy’s CEO and chairman-elect Tony Spring recently announced the decision to close 150 Macy’s stores over the next three years, amounting to 25% of total square footage.

As part of its ‘Bold New Chapter’ strategy, Macy’s also plans to modernise the shopping experience and create frictionless customer experience across channels, accelerate luxury growth by opening new Bloomingdale’s and Bluemercury nameplate stores, and streamline end-to-end operations.

This announcement reflects a larger shift in the retail sector, with conventional large-scale department stores grappling with competition posed by e-commerce giants and shifting consumer tastes.

CX News in Brief –Just Walk Out Checkout System to be Scrapped from Amazon Fresh Stores

Amazon’s Just Walk Out technology will be removed from its Fresh Stores in the US. The technology, which used computer vision and machine learning to charge customers for their items without the need to queue, will be replaced by dash carts, requiring customers to scan items with a camera attached to their shopping carts. This new instore CX technology aligns with Amazon’s strategy to create optimised customer experiences in their physical stores and move away from their reputation as an online-only retailer.

CX News in Brief – How Best Buy is Using Generative AI to Improve Customer Experiences

US electronics retailer Best Buy has announced its plans to use generative AI for enhanced Customer experiences. Partnering with Google Cloud and Accenture, Best Buy’s new CX technologies will include a generative AI-powered virtual assistant, as well as AI tools to assist customer care agents with customer queries more quickly and effectively in real time.?

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View upcoming CX Exchange Events:

CX Telecoms Global (22-23 April 2024 | Hilton Syon Park, London, UK) – The World’s Premier Invitation-Only Event for Senior Customer Experience Leaders in Telecoms

CX BFSI USA West (21-22 May 2024 | The Westin Anaheim Resort, CA, USA) – North America’s Premier Invitation-Only Meeting for CX Leaders in Financial Services

CX Healthcare West (04-05 June 2024 | Westin Carlsbad, San Diego) – North America’s Premier Invitation-Only Event for Senior Experience Leaders in Healthcare

CX Retail UK (08-09 July 2024 | Hilton Syon Park, London, UK) – The UK’s Premier Invitation-Only Event for Retail’s Senior Customer & Experience Leaders

CX Travel and Hospitality (09-10 September 2024 | Hilton Syon Park, London, UK) – Europe’s Premier Invitation-Only Meeting for CX Leaders in Travel & Hospitality

CX Retail USA (24-25 September 2024 | Marriott Dallas Uptown, Texas) – North America’s Premier Invitation-Only Event for Senior Customer Experience Leaders in Retail

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